GBP/USD – 1.3226
Original strategy :
Buy at 1.3130, Target: 1.3230, Stop: 1.3095
Position : –
Target : –
Stop : –
New strategy :
Buy at 1.3130, Target: 1.3230, Stop: 1.3095
Position : –
Target : –
Stop : –
Although cable eased after rising to 1.3245 yesterday and minor consolidation below tis level would be seen, reckon downside would be limited to previous resistance at 1.3159 and 1.3125-30 should hold, bring another rise later, above said resistance at 1.3245 would extend gain to 1.3275-80, however, near term overbought condition should prevent sharp move beyond there and reckon 1.3300-10 would hold from here, risk from there has increased for a retreat to take place later.
In view of this, would not chase this rise here and would be prudent to buy cable on pullback as 1.3125-30 should contain downside, bring another upmove later. Only below indicated support at 1.3097 would abort and signal a temporary top is possibly formed, bring further fall towards previous support at 1.3052.
